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Australian Dollar:
The Australian Dollar rallied throughout the local Session yesterday with gains throughout Asian Equity Markets providing some much needed support for the Higher Yielding Australian Currency. Whilst the Australian Dollar did trade to an intra-day high of 0.9954 against its US Counterpart, such moves did prove to be relatively short-lived as investors again sold the Australian Dollar amid concerns that European Policy Makers are not doing enough to stem fears of contagion throughout the region. After losing 2 Cents from the earlier highs the Australian Dollar opens significantly lower this morning at a rate of 0.9784, with markets remaining very much sentiment bound, volatilities are expected to continue.
                                                 
New Zealand Dollar:
Despite a relatively positive start to the day the New Zealand Dollar fell against the Greenback yesterday, following global equity markets lower. After initially opening at a rate of 0.7882 against its US Counterpart the Kiwi fell to reach an overnight low of 0.7758 as investors watched for any signs of progress in Europe’s efforts to stem the ongoing debt crisis. Despite some renewed optimism earlier in the week the short-term direction of the kiwi is again likely to be dictated by news flows out of Europe, with the broader European Region holding the key to Global Risk Sentiment. Meanwhile this morning the New Zealand Dollar opens one full cent lower, currently swapping hands at a rate 0.7768
 
Great British Pound
The Great British Pound opens lower against its US Counterpart this morning currently trading at a rate of 1.5598. With UK Stocks retreating last night the benchmark FTSE 100 slid 1.4 percent after swinging between losses and gains for the majority of the session. The Bank of England’s Financial Policy Committee met overnight, with financial leaders announcing that the Domestic Outlook for the UK economy remains very much dented as a result of market strains caused by the highly-debited troubles of its European Neighbours. While such announcements come as no surprise, short-term direction of the market continues to be dominated by investor sentiment with the sell-off of assets deemed to be riskier in nature I.e. the Australian Dollar seeing the Sterling open noticeably stronger in comparison this morning at a rate of 1.5942. 

Majors:
US Stocks declined yesterday with the S&P 500 losing 0.8 percent. In what has come very much the case of late, Europe is the issue first and foremost, as global equities again recorded losses amid growing concern that European Leaders are not doing enough to ensure the financial stability of the broader region. Whilst on European news the EU overnight proposed a financial-transaction tax due to effect in 2014 as Spain and Italy extended their gains on short-selling to try and smooth out short-term market volatilities. With mixed news out of Europe providing frustrating times for investors the EURO traded between an 24 hour range of (1.3532 – 1.3689) as it opens relatively unchanged this morning at a rate of 1.3561 against its US Counterpart. Meanwhile in the US, data released overnight showed demand for durable goods dropped by a less than expected amount 0.1 percent as the Market Looks ahead to the highly important GDP Figures which are due for release this evening. In what proved to be relatively directionless session the US Dollar opens slightly lower against the Japanese Yen this morning at a rate of 76.534. 
 
Data releases
 
AUD: No Data Today
NZD; No Data Today
JPY: Retail Sales y/y, BOJ Gov Shirakawa Speaks
GBP: Net Lending to Individuals m/m, M4 Money Supply m/m, Mortgage Approvals,
EUR: German Unemployment Change
USD: Unemployment Claims, Final GDP q/q, Pending Home Sales m/m, Natural Gas Storage